Rand rallies following Ramaphosa’s cabinet announcement
Loading player...
GUEST – Sifiso Skenjana - Economist and the managing director of ESG Analytics.
South Africa’s rand extended a post-election rally after President Cyril Ramaphosa announced a new cabinet that he said would prioritize rapid and sustainable growth. The currency led gains among emerging-market peers on Monday, advancing 1.1% to 17.98 per dollar as of 9 a.m. in Johannesburg. The yield on benchmark bonds fell 14 basis points to 11.24%, heading toward April 2023 lows.
South Africa’s rand extended a post-election rally after President Cyril Ramaphosa announced a new cabinet that he said would prioritize rapid and sustainable growth. The currency led gains among emerging-market peers on Monday, advancing 1.1% to 17.98 per dollar as of 9 a.m. in Johannesburg. The yield on benchmark bonds fell 14 basis points to 11.24%, heading toward April 2023 lows.